Greek finmin says economy likely to shrink 3 pct in Q3

ATHENS Mon Oct 21, 2013 1:45pm EDT

ATHENS Oct 21 (Reuters) - Greece's economy is likely to shrink by about 3 percent in the third quarter, Finance Minister Yannis Stournaras said on Monday, with the recession easing from 3.8 percent in the previous quarter, helped by reviving tourist revenues.

"The Greek economy is certainly entering a new phase," Stournaras said. "We expect an even better result in the third quarter, probably close to -3 percent, a result in which tourism has certainly contributed significantly."

The European Commission and the International Monetary Fund expect Greece's 183-billion euro economy to contract by 4.0 percent this year, its sixth straight year of decline.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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